dear ,
We are supplying the materials to the party under notfn. no. 43/2001 , but the notfn no. 42/2001dtd. 26.06.01 is changed by 24/2010 dtd. 26.05.10 vide board circular no 928/18/2010-cx dtd. 28.06.10. we are getting bond Annexure -1 from the party , accordingly we are raising ARE -3 and sending the materials . Now procurement of raw materials by notfn no.43/2001 is not valid as notfn no 42/2001 is void by notfn no. 24/2010 . Meanwhile we supplied materials to various parties and already got counter signed coppies from the suptd. of central excise of the party's end.
now my question is
what is ours liablities in this regards?
Is there no liablity of consignee side or suptd of consignee , how they are giving counter signed copy ?.
This huge amount of excise duty whether we have to pay? or legal action can take ?
Party obviously will not pay the excise duty, in that case what is the responsiblity of ours side?
Whether we have to Interest on It ?
please share with me
Amitabha Mukherjee
CAclubindia
